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Agriculture
share of Favorita Fruit Co. Ltd. in Series “B” ordinary stock
and the Wong Group kept 85.83% in shares in Series “A”
ordinary stock.
On 6 August 2004, as a result of a re-purchase agree-
ment, the Wong Group acquired 10% of outstanding
shares from the CDC group. Thus, the current share of
the Wong Group is 95.83%.
However, CDC continues to financially support the Favor-
ita Fruit Co. through specialized loans, as was the case of
a new disbursement in 2004.
The main objective of Favorita is to integrate its business
units involved in the production, harvesting and packing of
bananas as well as boosting its export activities.
Favorita Fruit Company is a leading company whose
purpose is the production and exportation of banana and
tropical fruits with the highest quality standards, alongwith
the implementation of programs of social responsibility
and environmental protection.
In order to guarantee the maximum degree of quality,
consistency and availability of their products, Favorita
Fruit Company is vertically integrated with subsidiaries
engaged in the harvesting of bananas and other tropical
fruits; cardboard manufacturing for products and plastic
packaging for various goods; commercialization of raw
materials for the agricultural sector; air fumigation ser-
vices and port and shipping services.
Two other important companies that form part of the
Wong Group are: “Reysahiwall” (AGR) which is a milk
and cheese producer, and “Reybanpac”, which is a ba-
nana exporter.
NEGOCIOS INDUSTRIALES REAL S.A. - NIRSA
Roberto Aguirre
President
Av. Carlos Luis Plaza Dañín and Democracia
Guayaquil
Tel: +593 4 2284 010
Fax: +593 4 2292 440
http://www.nirsa.com
Area of activity: Industrial Business
Date of creation: 1957
Employees: 4000
Annual turnover: $220 million USD
In 1957, Mr. Julio Aguirre Iglesias realised one of his
greatest dreams when he founded the first canning
and sardine processing plant in Ecuador creating
NIRSA SA. Since then, the company has maintained
its role as market leader by constantly updating their
technology and processes. After 11 years, in 1968
NIRSA began processing tuna in Guayaquil, where
they originally worked only with canned sardines.
6 years after, NIRSA began producing fishmeal and
fish oil in their Posorja plant. In 1978 construction
has begun at this facility in order to enable this di-
versification for the company. Later in 1981, NIRSA
and a group of other companies began producing
shrimp in inland facilities that later grew in size to up
to 600 hectares. Then, another two years later the
company set up a packaging plant where they could
produce their own shrimp.
In 1986, they set up a laboratory for the production of
shrimp in the area of San Pablo, Guayas Province,
with a view to selling locally and to exporting. To
continue with their growth strategy, in 1988, NIRSA
launched a new tuna plant. This facility now has two
tuna unloading docks that can unload two boats si-
multaneously. It has a current capacity of cold stor-
age to hold 11,000 MT of tuna at 20 degrees below
zero.
NIRSA processes an average of 250 MT per day and
is estimated to reach 300TM in the not so distant
future. At the end of November 2003, NIRSA began
packing tuna in pouches. This new range is currently
only available in Ecuador but NIRSA has already ex-
porting to the USA and Europe.
Nowadays, NIRSA is the biggest tuna and shrimp
company in Ecuador, with a 55% share of the tuna
market and a 90% share of the canned sardines
market. It has the biggest fleet with 13 ships and 3
quays. They are also building a new freezing area to
increase storage capacity. NIRSA is exporting to 25